Cliff Drive Apartments

Transaction description

Seth Ludwick of PSRS arranged the $3.3 million cash-out refinance of a multifamily property in Santa Barbara, CA. The subject property is a garden-style apartment complex comprised of 32 units across four buildings. Financed with one of our life insurance companies, PSRS provided its borrower a non-recourse loan with a 10-year interest-only term and a 1% prepay for the last nine years.